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White & Case Advises on Brooge Energy's US$200 Million Subsidiary Bond Offering

Global law firm White & Case LLP has advised Pareto Securities as Arranger, Nordic Trustee as Bond Trustee and HSBC Bank as Security Agent and Account Bank on the issuance of USD$200 million five-year secured Norwegian law-governed notes by Brooge Petroleum and Gas Investment Company FZE (BPGIC), a subsidiary of Brooge Energy Ltd.

"The transaction had a complex security structure which has the hallmarks of an infrastructure bond more commonly found in European markets, and was well received by a wide investor base," said White & Case partner Debashis Dey, who led the Firm's deal team.

The bonds were settled on September 24, 2020 and have a fixed coupon of 8.5 percent per annum. Outside of Norwegian law, White & Case advised on all aspects of the transaction, including UAE law on the bond documentation and structuring and documenting the security package covering assets in both the UAE and the UK.

At the time of the transaction, Brooge Energy Ltd conducts all its business and operations through its wholly-owned subsidiary BPGIC, a Fujairah Free Zone Entity. BPGIC is a midstream oil storage and service provider which provides bulk liquid storage facilities and serves customers worldwide. 

The White & Case team which advised on the transaction was led by partner Debashis Dey (Dubai & London) and included local partner Louise Vun (Dubai) and associates Greg Pospodinis and Mikaela Nikolausson (both Dubai).

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